Open to Buy Planning

The formula for open-to-buy (OTB, a financial budget for retail merchandising) planning is not difficult. To start, look at planned sales. Where do they come from? Most independents get into trouble right out of the gate, by getting this segment of the planning process wrong. A common, albeit incorrect approach, is to plan monthly sales [...]

Relaxation Drives Sales

A recent study tests the theory that a shopper’s level of relaxation when shopping affects the final buying decision.

More Small Biz Recruits

According to the latest Intuit Small Business Employment Index, retailers and small businesses in general are starting to interview and hire an influx of interested candidates. July alone marked an addition of 50,000 employees to the payroll of small businesses nationwide. The upward trend in job openings and affiliated hires began in October 2009, and [...]

Pinpoint Pricing Problems

With the correct pricing structure, you will keep customers happy. Charging too much will turn business away, while too deep of a discount could hurt your bottom line.

Inventory Forecasting

Is your cash tied up in unsold inventory? If so, the following questions should be addressed: How did it get there? What can be done to get it out? How can you prevent the same thing from happening again? Clearly you are purchasing more than you are capable of selling. The extra inventory is carried [...]

Retailers Combat Theft

Beyond petty shoplifters, organized gangs have made shoplifting more of a national problem.

Retail Continues to Find Its Way on Campus

The retail industry has succeeded in establishing a strong presence across campuses nationwide with the launch of a student association (NRFSA).

Retailers Want Six Day Delivery

If Congress decides to change the appropriation law from six day to five day delivery, as requested by the U.S. Postal Service (USPS), retailers using the six day service to deliver products and catalogues are faced with some hard decisions. The USPS has been plagued by an $8.3 billion budget shortfall because of the influx [...]

Retail Plan of Action

Retailing is a challenging business, and sometimes you may wish for less demanding customers, more motivated employees, and more cash in the bank. Granting these wishes means work, and as a small business owner you need to be a natural optimist in the world of big box retail, but also a realist. If you don’t [...]

Offline and Online Service

As brick and mortar retailers join the online community in an effort to reach more customers, many are at a loss for the appropriate marketing and customer service strategies for their virtual store. Used to face-to-face interaction in which a smile and a greeting could make a sale, traditional brick and mortar retailers are now [...]

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